Two more banks have announced plans to pay back the
taxpayer capital they received through the Treasury Department's Troubled Asset
Relief Program.
City National Corp., the Los Angeles-based parent of City
National Bank, said it intended to sell roughly 2.7 million
shares of its common stock in public offering.
City National said it would use the proceeds to
help retire the $400 million in preferred stock and accompanying warrants that it
sold to the government in November.
City National has branches in the Los Angeles area, the San Francisco Bay area, Nevada and New York City.
Texas Capital Bancshares Inc. said it was offering of 3.5 million shares of its common stock. The company is based in Dallas and also serves Fort Worth, Houston, Austin and San Antonio.
Texas Capital got $75 million in public money in
January. The Treasury has injected $200 billion into American
banks through a TARP initiative called the Capital Purchase Program.
"With
the consummation of this offering, we will be well positioned to continue to
follow our quality growth strategy and to redeem the Capital Purchase Program
funds when permitted by the regulators,'' said George Jones, Texas Capital's chief
executive. "We have a strong capital base and the potential to take advantage
of attractive opportunities within the Texas market.''
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